British markets' regulator, the Financial Conduct Authority has said that it has launched an investigation into allegations that the Royal Bank of Scotland Group Plc forced small firms to collapse I order to acquire their assets at lower value.
The spending watchdog the National Audit Office (NAO), has said that there no information relating to total of 368,000 student borrowers.
The NAO said that there is not information of current employment record or other information relating to their earnings. The lack of information may be as the students are unemployed or EU students who have returned home or UK students who have moved to other countries. The government lacks enough information to make a decision over if the students should be asked to repay the loans and how much loan should be repaid.
The authorities in the UK have decided to sell a part of its student loan book in order to boost its financial position but the move is likely to trigger student protests across university campuses as it might lead of higher debt burden on students.
The government had announced in June that it is planning to sell student loans to private firms before the elections. The sale will include £900 million of debt on loans taken up by the students mainly in the 1990s in the country. The government has earlier sold student loans twice but this will be the largest sale and will help in reducing public debt.
Ratan Tata, Chairman Emeritus of slat-to-software conglomerate Tata Group, has Sachin Tendulkar-like charisma in India Inc, according to Finance Minister P Chidambaram.
Mr. Chidambaram said that Indians admire Mr. Tata for creating wealth for millions of people in India and for several thousands worldwide.
Praising Mr. Tata, the finance minister said, "When I walked into the room, I realised that Ratan was as big a draw as Sachin; so many of you are here rather than Wankhede stadium."
Anup Wadhawan, the Joint Secretary with the Department of Financial Services, assumed concurrent charge as Chairman of the Pension Fund Regulatory & Development Authority (PFRDA) on Wednesday to fill the vacancy created by the abrupt resignation of Yogesh Agarwal.
Mr. Agarwal stepped down as chairman of the PFRDA, years before the previously scheduled end of his five-year term in 2015.
While the PFRDA remained tight-lipped on the reasons for Mr. Agarwal's resignation, reports suggest that a finance ministry investigation into appointments made by Mr. Agarwal prompted the unprecedented move.
The Financial Conduct Authority, a UK based regulator, has said created a new law in order to protect the minority investors in London-listed companies.
Under the new rules, the Financial Conduct Authority said that businesses with controlling shareholders, which is 30 per cent or more of all shares, will now have to ensure that the company is run independently in order to be able to hold on to their shareholdings. The new rules were made following some cases involving companies whose shareholders were dominated by the founders.
According to a new report, immigrants to the UK since 2000 have made a significant contribution to public finances.
The study by University College London said that the recent immigrants were much less likely to claim benefits and live in social housing than the people who were born in the UK. They said that instead of being a drain on the economy, the recent immigrants have been strong contributors to the UK’s economy. The government has said that it is justified in making touch rules to protect the benefits system.
Northern Ireland manufacturing giant, Caterpillar has said that it is planning to invest around £7 million, a move that is expected to create about 100 new jobs in the region.
Caterpillar, which had acquired FG Wilson in 1999, had cut 700 jobs as it was moving some manufacturing to China in September 2012. The company was set to create 200 jobs in Belfast to support Caterpillar's global operations. The company is now planning to add new production line to make its yellow-coloured Cat machines for which the company is most famous. The machine is used by customers around the world for scrap sorting and handling, and forestry use.
London, Oct. 26 - American bank JPMorgan (JPM) has agreed to pay 5.1 billion dollars to resolve the U. S. Federal Housing Finance Agency (FHFA) claims that it misled mortgage giants Fannie Mae (FNMA) and Freddie Mac about risky mortgage securities before the housing market collapsed.
The bank added that the agreement relates to approximately 33.8 billion dollars of securities purchased by Fannie Mae and Freddie Mac from JP Morgan, Bear Stearns and Washington Mutual from 2005 - 2007, the BBC reports.
Jignesh Shah, the promoter of Financial Technologies India Ltd (FTIL), on Tuesday refused to quit the board of the Multi Commodity Exchange of India Ltd (MCX).
Shah's FTIL is the holding company of the National Spot Exchange (NSEL), which is under the market regulators' scrutiny for the alleged Rs 5,600-crore scam. Many members of the MCX board have been demanding Shah to resign as part of their efforts to insulate MCX from the ongoing crisis at the NSEL.
US financial giant, JPMorgan Chase is moving closer to a $13 billion deal with regulators to settle civil charges relating to its behaviour in the financial markets at the beginning of the financial crisis.
The shares of the bank have remained largely flat indicating that the market has faith on the bank's ability to resolve the matter and that CEO Jamie Dimon would continue to remain the head of the bank after the settlement deal. Some noted that the JPMorgan Chase has performed better than most major banks under Dimon even as it continues to work to resolve issues with the regulators.
Total collection of indirect taxes - excise, customs and service tax - increased by more than 5 per cent year-on-year in the six months ended September 30 this year, fresh figures released by the finance ministry showed.
According to the recently released official figures, total collection of indirect taxes increased 5.1 per cent to nearly Rs 228,550 crore during April to September quarter of current financial year.
Union Finance Minister P. Chidambaram on Friday declared that the government would in no case accept dividends less than last year's from public sector units (PSUs).
Mr. Chidambaram yesterday met the heads of a number of blue-chip PSUs, including Oil & Natural Gas Corporation (ONGC), Indian Oil Ltd (IOL), GAIL India, Steel Authority of India Ltd (SAIL), NTPC and Coal India Ltd (CIL).
During the meeting, Mr. Chidambaram declared, "Dividend payments by PSUs will not be less than last year's. In no case will we accept dividend less than last year's."
US financial giant, JPMorgan is likely to admit to wrongdoing in the infamous `London Whale' trading loss case leading to huge losses for the investors.
The US bank had earlier admitted that "severe breakdowns" had allowed some of the traders to run up $6 billion in losses in London. However, the regulators are now pushing the bank to admit that the trading loss represents reckless behaviour. According to people closer to the matter, the bank can reach a settlement with the Commodity Futures Trading Commission as soon as this week.
LIC Housing Finance Limited (LIC HFL) on Monday announced a cut of 0.25 per cent in home loan rates and lower processing fee for the festive period.
The housing finance company said it would charge 0.25 per cent lower interest on home loans from October 15 to November 30.
Subscribers to the Bhagyalakshmi Plus scheme, which specifically caters to women borrowers, the rate of interest will now start from 10.10 per cent for the first fixed 2-year period.
Washington, Oct 13 : India has joined issue with the International Monetary Fund (IMF) over the paring down of its growth rate from 5.6 percent to 3.8 percent since July saying India didn't share "this pessimistic outlook".
"I would like to ask, respectfully, what is the information that IMF has gathered between July and September, that we do not have, that has impelled the Fund to drastically change the estimate?" Finance Minister P. Chidambaram asked Saturday.
The government's focus on rapid infrastructure development a huge opportunity for foreign investment in India, Union Finance Minister P. Chidambaram said.
Mr. Chidambaram said the government's policies led to rapid infrastructure development in fields like power, roads, ports and civil aviation, which provided foreign investors with huge opportunities.
Speaking on the topic, the finance minister said, "There is huge opportunity for foreign investment. We have massive infrastructure projects underway."
US financial giant, JPMorgan has said that it has set aside $9.2 billion to cover the growing legal expenses, which led to a first quarterly loss under the leadership of Jamie Dimon.
According to a new survey, banks and other financial firms in the UK are at their most optimistic level in about 17 years as the economy shows signs of recovery.
The latest quarterly CBI/PwC financial services survey released on Monday showed that around 59 per cent of all UK financial services firms are more optimistic about business situation compared to 6 per cent who were less optimistic. The positive balance of 53 is the highest recorded since December 1996. The survey was conducted between three months to early September in the UK.
JPMorgan Chase is moving towards reaching a multi-billion deal to settle claims relating to its mortgage business operations.